Tag: direct deposit not required

Update 10/26/23: Bonus was $200 in the past but only required a $2,500 deposit vs $25,000 or $50,000. Given how high savings rates are currently this offer isn’t worth considering.

Offer at a glance

• Maximum bonus amount: $400
• Availability: Nationwide
• Direct deposit required: No
• Additional requirements: Use promo code and $2,500 average balance for first two months $5,000 average balance for three months
• Hard/soft pull: Soft pull
• ChexSystems: Yes
• Credit card funding: No
• Monthly fees: None
• Early account termination fee: $50, 180 days
• Household limit: None listed
• Expiration date: March 31, 2021 June 30, 2021 3/31/2022 6/30/2022 12/31/2023

The Offer

Direct link to offer

• Axos Bank is offering new business owners a $400 bonus when they open a new business checking account and complete the following requirements:
  • Use promo code NEW400
  • $100 will be earned for each statement cycle, up to $400 when you meet three requirements (over the first five statement cycles):
  • • the average daily balance in your Basic Business Checking account or Business Interest Checking Account is greater than $50,000
    • you have completed ten (10) point-of-sale transactions per month using your Small Business Checking Visa® Debit Card for signature-based purchases with a minimum of $3 per transaction,
    • You must also have bill pay set up and connected to your Basic Business Checking account or Business Interest Checking account.
  • Alternatively a $300 bonus can be earned. $75 will be earned for each statement cycle, up to $300 when you meet three requirements
    • the average daily balance in your Basic Business Checking account or Business Interest Checking Account is between $25,000 and $49,999.99,
    • you have completed ten (10) point-of-sale transactions per month using your Small Business Checking Visa® Debit Card for signature-based purchases with a minimum of $3 per transaction,
    • You must also have bill pay set up and connected to your Basic Business Checking account or Business Interest Checking account. The bill pay transaction minimum is $10.

The Fine Print

• To be eligible to earn all or a portion of the cash incentive as part of the promotional offer “NEW400,” an application for a Basic Business Checking account or a Business Interest Checking account must be submitted between 09/30/2023 at 12:00 am PT and 12/31/2023 at 11:59 pm PT.
• Axos Bank reserves the right to limit each primary account holder or business title to one (1) checking account promotional offer per year. Axos Bank or Axos Bank for Nationwide checking customers or Businesses that have held an Axos Bank or UFB or Axos Bank for Nationwide checking or savings account in the past 12 months under the same title are not eligible for this offer.
• Promotional terms and conditions are subject to change or removal without notice. Incentive may be taxable and reported on IRS Form 1099-MISC.
• Consult your tax advisor. After initial requirements above are met, the amount of incentive earned will depend on meeting the additional requirements outlined below:

   

• Small Business Checking bonus up to $400: You must be approved for your new Basic Business Checking or Business Interest Checking account and fund it within 30 days of account opening. An incentive of up to $400 can be earned during the first five (5) statement cycles. A statement cycle is a calendar month consisting of at least one day your account was open during that month. You can earn a maximum of four (4) payouts during the five (5) statement cycles, and the incentive will be deposited into the qualifying account within 10 business days following the end of the statement cycle in which the balance requirement was met.

   

• $75 will be earned for each statement cycle, up to $300 when you meet three requirements: 1) the average daily balance in your Basic Business Checking account or Business Interest Checking Account is between $25,000 and $49,999.99, 2) you have completed ten (10) point-of-sale transactions per month using your Small Business Checking Visa® Debit Card for signature-based purchases with a minimum of $3 per transaction, 3) You must also have bill pay set up and connected to your Basic Business Checking account or Business Interest Checking account. The bill pay transaction minimum is $10.
• $100 will be earned for each statement cycle, up to $400 when you meet three requirements : 1) the average daily balance in your Basic Business Checking account or Business Interest Checking Account is greater than $50,000, 2) you have completed ten (10) point-of-sale transactions per month using your Small Business Checking Visa® Debit Card for signature-based purchases with a minimum of $3 per transaction, 3) You must also have bill pay set up and connected to your Basic Business Checking account or Business Interest Checking account.
• The bill pay transaction minimum is $10.
• Your Small Business Checking account must remain open and in good standing at the time the incentive is paid to be eligible. Furthermore, your Small Business Checking account must remain open for 150 days, or an early closure fee of up to $400 may apply.

Avoiding Fees

Monthly Fees

This checking account does not have any monthly fees.

Early Account Termination Fee

Account must be kept open for 180 days otherwise a $50 fee will apply.

Our Verdict

Axos has offered a bonus of up to $67.50 before via Swagbucks. This bonus is better but most people won’t be eligible due to it needing to be a newly incorporated business. Obviously not worth doing that for such a small bonus. We will still add it to the best business checking bonuses for those that are eligible as the requirements are easy to meet.

Hat tip to DDG

Useful posts regarding bank bonuses:

Post history:

• Update 12/31/22: Extended through  3/31/2023.
• Update 10/19/22: Extended through 12/31/2022 .
• Update 7/4/22: Extended until 9/30/2022.
• Update 6/25/22: Looks like you might be able to stack this with $50 via Rakuten.
• Update 3/30/22: Bonus has been extended until 6/30/2022. Requires are now only $2,500 for two months instead of $5,000 for three.
• Update 3/9/22: Bonus is now $200. Business must be incorporated after 6/01/2020, $100 if incorporated after that. Hat tip to Mawney
• Update 2/19/22: Deal is back. Business must be incorporated after 6/01/2020
• Update 11/28/21: Deal is back and good until 12/31/21. Hat tip to Bertha.
• Update 4/29/21: Deal is back, available for sole props this time. Can also get a $100 personal checking account bonus at the same time.